Bringing 120 Jobs For New Corporate Headquarters
Raleigh, NC Governor Pat McCrory, North Carolina Commerce Secretary John E. Skvarla, III, and the Economic Development Partnership of North Carolina (EDPNC) announced today that Albemarle Corporation will move its corporate headquarters to Charlotte. The company, currently based in Baton Rouge, LA., develops, manufactures and markets specialty chemicals for a broad array of industrial buyers around the globe. It will create 120 new jobs in Mecklenburg County and invest $12.9 million by 2016.
"North Carolina is the ideal location for headquarters operations of globally-connected businesses like Albemarle Corporation," said Governor McCrory. "Today's announcement means that we can add another prominent name to the state's growing list of elite companies basing their headquarters here."
Founded in 1994, Albemarle has a global workforce of 6,900 employees. Its value-added chemical products have a wide range of applications, including consumer electronics, flame retardants, metal processing, plastics, transportation, refining, pharmaceuticals, agriculture and construction. The company serves customers in approximately 100 countries.
Albemarle offers differentiated, performance-based technologies that deliver innovative and sustainable solutions to its customers. The publicly-held company (NYSE: ALB) reported $2.4 billion in net sales in 2014.
"This is the fourth time in five months we've announced a corporate headquarters relocation in North Carolina," said Sec. Skvarla. Dimensional Fund Advisors and Lidl announced in July plans to relocate regional headquarters to Mecklenburg and Alamance counties, respectively. In April, CBC Americas launched plans for its corporate headquarters in Wake County. "In each instance, our international accessibility, ability to attract and retain high-caliber talent, appealing communities and enviable quality of life made the difference," said Sec. Skvarla.
Since its January 2015 acquisition of Rockwood Holdings, Inc., Albemarle has employed 137 full time employees and contractors at its Rockwood Lithium facility in Kings Mountain, N.C. The company's headquarters move will not affect those positions. Jobs at Albemarle's Charlotte headquarters will include executive leadership, business leadership for the Performance Chemicals global business unit and functional team leadership positions, such as Human Resources, Finance, Legal and Corporate Affairs. Wages will vary by position, but will average at least $169,425 annually. The average annual wage for Mecklenburg County is $59,882.
"As we look at the ever-increasing demands for communication, collaboration and mobility for our employees and our customers, Charlotte is the best strategic location to base the new Albemarle," said Luke Kissam, Albemarle's president and chief executive officer. "We are looking forward to expanding our presence in North Carolina, and becoming an even more significant partner in the communities where we live and operate in the state. Albemarle employees are known not only for the innovative products they deliver on the job, but even more so for the countless hours and millions of dollars they donate to enhance our communities through the Albemarle Foundation. Albemarle and North Carolina will be great partners."
An award from the state's Job Development Investment Grant (JDIG) program to Albemarle Corporation helped make the project possible, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and would not be undertaken in North Carolina without the reimbursement.
Under the terms of the company's JDIG, Albemarle Corporation is eligible to receive up to twelve annual reimbursements equal to 22 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual reimbursement is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over 12 years, the JDIG could yield aggregate benefits to Albemarle Corporation of more than $2 million upon the creation of 120 jobs.
Approximately $680,000 in additional funds from the company's JDIG award could be added to the state's Utility Fund for infrastructure improvements in less populated counties. When a JDIG is awarded to a company whose site is located in the state's more populated, economically prosperous counties such as Mecklenburg, a percentage of the company's grant is allocated to the Utility Fund to encourage economic development in Tier 1 and Tier 2 counties. For more information on the county tier designations, visit http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations
In addition to the N.C. Commerce and EDPNC, other organizations and entities supporting the project include North Carolina Community College System, NCWorks, the city of Charlotte, the Charlotte Chamber of Commerce, Charlotte Regional Partnership and Mecklenburg County.
- Contact: Crystal Feldman